Tuesday, December 18, 2012

Series A Financing of $32 Million to Develop Antibody Therapeutics for Allergic and Inflammatory Diseases

SAN MATEO, Calif., Dec. 17, 2012 /PRNewswire/ -- Allakos Inc. announced today that it has completed a $32 million Series A preferred stock financing led by Novo Ventures with participation from Alta Partners, RiverVest Venture Partners and the Roche Venture Fund. Peter Moldt, PhD., Partner at Novo Ventures, Robert Alexander, PhD., Director at Alta Partners and John McKearn PhD., Managing Director at RiverVest Venture Partners, will join the Board of Directors.
Commented Dr. Moldt: "We believe that Allakos' innovative approach to developing antibody-based therapeutics represents a large and important therapeutic and commercial opportunity, founded upon a strong scientific rationale and supported by a respected management team with deep experience in therapeutic antibody development. We are pleased to join with these other distinguished investors in supporting their progress."
"We very much appreciate the confidence placed in our company by our Series A investors," said Christopher Bebbington, DPhil, Founder and Chief Executive Officer of Allakos. "Our therapeutic antibodies are designed to work through novel mechanisms of action, to have significant safety and efficacy advantages and to have potential in multiple, high-value markets, including large therapeutic areas as well as orphan indications. With these proceeds, we are now well positioned to advance our lead program towards meaningful near-term milestones."